Approving early payments is a vital step in leveraging Quickly’s Early Payment Program (EPP). This process ensures that vendors receive their payments ahead of schedule, enabling you to take advantage of discounts while maintaining strong vendor relationships.
Why It’s Important:
Cost Savings: Taking advantage of early payment discounts reduces your overall costs.
Vendor Satisfaction: Prompt approvals enhance trust and strengthen vendor relationships.
Streamlined Process: Ensures timely payment processing, improving cash flow management.
Here are the steps:
Navigate to the “Bills” page by clicking “Bills” on the left-hand sidebar.
You can find all the early payment requests by using the quick filter “Early Payment Requests.”
Click on the More Options (3 dots) menu on the requested invoice and click open.
Click Approve or Decline.
If choosing to approve, you can approve the invoice and pay it immediately (capturing most of the early payment discount) by clicking “Pay now”.
Or, you can approve the invoice and pay it when it’s due (capturing some of the early payment discounts) by clicking “Pay later”.
Then click “Approve bill.”
If declining, please provide a comment or reason for the decline.
Tips for Efficient Approval
Regular Monitoring: Check the "Pending Approvals" section frequently to avoid delays.
Clear Communication: Ensure vendors are aware of the approval process and expected timelines.
Utilize Notifications: Enable notifications to stay updated on new payment requests.
By efficiently approving early payments, you can maximize savings and enhance your relationships with vendors.